PEER COMPANIES

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PEER COMPANIES

NEW DELHI: The domestic equity market is likely to open on a flat note today tracking weak global cues and Nifty futures in Singapore Stock Exchange (SGX). At 07:57 am, the Nifty futures of SGX were trading 4.50 points or 0.04 per cent higher at 10,514.

Here is a list of top stocks that are likely to be in focus in today's trading session -

Vedanta: The Tamil Nadu Pollution Control Board has ordered the closure of the Vedanta-Sterlite copper factory in Thoothukudi — with a notice issued late on Wednesday — marking a further reversal for the beleaguered unit mired in a series of legal setbacks and violent protests that have resulted in the death of 13 people since Tuesday.

HUL, Maruti Suzuki: The income-tax department has started issuing notices to several multinational consumer firms including such as Hindustan Unilever, P&G and Maruti Suzuki, disallowing deductions on expenses of advertising, marketing and sales promotion under a hitherto unused provision of the Income Tax Act. Industry experts peg the total demand raised by the tax department on this count at about Rs 10,000 crore.

Idea Cellular: The telecom department (DoT) on Thursday cleared Idea Cellular’s sale of nearly 9,000 standalone towers to a local arm of American Tower Corp (ATC) for Rs 4,000 crore. A top DoT official told ET the “Idea-ATC captive towers deal has been approved”.

Reliance Communications: Negotiations between Reliance Communications (RCom) and Ericsson over the payment of pending dues have hit a fresh hurdle, with neither side agreeing on a timeline, even as experts said changes in the insolvency law may come to the rescue of the telco.

Motherson Sumi: CLSA has maintained ‘outperform’ rating on Motherson Sumi and cut target price to Rs 370 from Rs 400. It expects Motherson’s earnings growth to improve with the bunched-up commissioning of five new plants, but remains concerned about subdued European auto demand. CLSA has cut its FY19-FY20 earnings per share estimate for Motherson Sumi by 3 per cent-4 per cent mainly to factor in lower top-line growth. Shares of Motherson Sumi Systems ended down 4.95 per cent at Rs 301.65 on Thursday.

Kaveri Seed: Kaveri Seed Company on Thursday said its board has approved buyback of 29.63 lakh equity shares for over Rs 200 crore. In a regulatory filing, the Secunderabad-based company said it will buyback shares at a price of Rs 675 per piece from the existing shareholders on a proportionate basis through a tender offer route.

UBL: United Breweries Ltd (UBL) today reported over 13-fold jump in its standalone net profit of Rs 90.88 crore for the fourth quarter ended March 2018 led by strong volume growth. The company had posted a net profit of Rs 6.73 crore in the January-March period a year-ago, UBL said in a regulatory filing.

Pidilite: Pidilite Industries' consolidated revenue for the quarter came in at Rs 1,485.31 crore, up by 14.7 per cent yoy. The operating profit for Q4FY18 came in at Rs 273.93 crore which increased by 6.2 per cent yoy. The net profit stood at Rs 244.11 crore, up by 55.6 per cent in Q4FY18.

Cummins India: Engines maker Cummins India today reported 1.74 per cent increase in standalone profit after tax at Rs 161.22 crore for the fourth quarter ended March 2018. The company had posted standalone profit after tax (PAT) of Rs 158.46 crore in the corresponding period a year ago, Cummins India said in a BSE filing. Sales during the quarter under review stood at Rs 1,205.79 crore. In the same period, previous fiscal sales were at Rs 1,238.77 crore.